Foreigners Can Only buy landed properties above RM3 million in Penang island

Share

Foreigners Can Only buy landed properties above RM3 million in Penang island

GEORGE TOWN, 17 March: Foreigners buying landed properties in Penang island can now only do so if the property is priced above RM3 million.

Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh said the increase in the floor price from RM2 million to RM3 million was to protect the interest of locals.

“The state feels it is justified to raise the minimum price for landed properties in view of the declining value of the Ringgit,” he added in a press conference today.

Jagdeep nonetheless pointed out the minimum price for stratified properties remained at RM1 million for foreign purchasers and will not be accepting the suggestion from the Penang Real Estate Housing Developers Association (REHDA) to lower the floor price to RM800,000 for foreigners.

He said the RM1 million floor price for foreign purchasers was also the price set by the Federal Government.

He, however, noted the levy for foreigners purchasing stratified properties in the island was reduced from 3% to 1.5% for properties between RM1 million to RM1.5 million.

“The levy for stratified properties above RM1.5 million remains at 3%,” he added.

— THE SUN


Share
Sign up and stay updated
Get the latest property news, home solution tips, interior design ideas and property guides.
By subscribing, you consent to receive direct marketing from iProperty.com Malaysia Sdn Bhd (iProperty), its group of companies and partners. You also accept iProperty’s Terms of Use and Privacy Policy including its collection, use, disclosure, processing, storage and handling of your personal information.